Quote from @William Silva: Randall is correct that PM can be expensive. 

The most important thing to keep in mind is that fast, quality maintenance and good communication are by far the best forms of customer service a property manager can provide.

The key one for me is whether it makes sense to drop in some “correction” rates (i.e. negative growth) or if in the end it all evens out long term as @Kerry Baird writes...

We currently use an insurance broker that covers while in rehab and then adds loss of rents later once applicable, but communication is difficult when there is a broker involved.

Sign contracts requiring vendors to list you as additional insured with correctly worded indemnification language.

CPA and CSS experts, can you help me confirm or correct my understanding? 

By correctly classifying your property, you can ensure that you’re complying with IRS guidelines and maximizing your tax benefits.

My thought is that your first task is to figure out exactly what must be done to correct the situation and then get a price tag.

I include written instructions for payment, reporting maintenance, and how the tenant can communicate with me.

A room furnished through FF could easily fetch 800. 3 of them is 2400 or up to 3000 when that same house probably only will get low 2000 for rent.I don't think BP has leases for by the room (correct me if I'm wrong) but you can have an attorney draft one for not too much online OR use ChatGPT honestly these days.